LONDON--(BUSINESS WIRE)--The world’s digital substation market is driven by a number of factors, primarily by the rising demand for replacement of ageing infrastructure. This marketplace is forecast to show a one-digit CAGR of approximately 7% over the next few years. It is expected to be worth slightly more than USD 8.4 billion by 2022.
There are some restraints this space has to deal with, for example, high initial investments and a decline in the growth rate of the oil and gas industry. Existing cyber security threats present a challenge to this marketplace.
Digital substations having a voltage rate between 220kV-550kV are set to show the swiftest growth over the period 2016-2022 if compared to other segments of this market.
Such growth will be spurred by investments in the utility sector recently made by major companies.
In terms of regions, APAC is forecast to showcase the highest growth in the years to come due to several initiatives that the local government has taken up in order to improve the local power and energy sector.
Schneider Electric, Siemens and NR Electric are some of major companies ruling the global space.
In-demand research report “Digital Substation Market by Module, Voltage, Type, Industry, & Geography - Global Forecast to 2022” drawn up by M&M offers a comprehensive discussion of the global digital substation market. The study provides an all-round overview of the world’s marketplace. It comprises a deep insight into driving forces, limelights restraints and throws light on opportunities and challenges.
The report also comprises a technological overview and investigates industry trends. The research study examines the market on the basis of types, modules, voltage and industries. It draws up a detailed picture of performance of this marketplace across different regions and focuses on top countries.
The research report throws light on the competitive environment. Profiles of major companies (globally) are contained in the study. Future projections though 2022 are on hand in the report, as well.
More cutting-edge reports by the publisher can be found at M&M page.